News

P5+1 and Iran Joint Plan of Action Intended to Ease Certain Sanctions

On November 23, 2013 the United States and other members of the P5+1 group entered into an initial agreement with Iran, whereby Iran agreed to freeze the status of its nuclear program for six months, in exchange for which certain sanctions against Iran will be eased. During that six month period, further negotiations will be held regarding Iran’s nuclear program. As a result of this agreement, Iran will gain access, over time, to $4.2B in oil revenue that is currently blocked and sanctions will be eased on gold and precious metals, petrochemicals and on the Iranian automotive sector. For more details, see our Client Alert here.